I'm a compounder bro at heart, but talking about $TMO $DHR can get boring, so here's a FUN topic, especially for the micro cap degenerates out there: - in my PA I have a naughty little micro cap called Rapid Micro Biosystems ( $RPID), or as I like to call it, RapidCoin. Have followed it at a distance since it went public (way too early) in 2021, but first buy was at the beginning of this year. Added some more at today's price because it's still cheap AF and I'm a strong independent man who don't need no compliance department. Company reports tomorrow morning, think it'll be a good time. Strap in: Trades at ~$2.80, refused a bid for $5 a while ago. Makes a lot of sense as a tuck-in for any tools/industrial co that wants more BP exposure once it stops looking like a POS in a screener. 2025 P/S is ~3.5x on consensus ests which are too low, growth is probably in the 20-30% range for next 5ish yrs, LT algo supports HSD-LDD% growth at maturity, peak op margin profile of 25-30% assuming GM of 60-65%. Company makes a system that automates microbial quality control which is needed for biologics/cell/gene/vaccine/sterile injectable manufacturing. Competes exclusively with doing it manually - total greenfield situation. Razor & blade model. Just above 55% recurring in 2024, peak was 64% when market froze for equipment adoption in 2022. I'd expect it to mix toward 70-80% over time. Consumable gross margins much higher than equipment (common). It's one of those "management says they don't need financing but consensus numbers who they're cutting it awfully close and gross margins just turned positive" stories. Rev + GM trajectory are therefore 90% of what matters, unless they turn off the cost discipline they've implemented over the past year or so. Setup is great because we already have most of the info you need to support a sizeable guide-above. They gave a pre-A at JPM, which was 4Q revenue (w/ mix), but no PnL or FY25 guidance (these will be the incremental). Rev was >5% above in the Q. Both the non-rec and recurring halves grew q/q, but recurring pull-through ACCELERATED BY 22% (13% adj. for comps). Consensus numbers had 4Q rev growth decelerating (accelerated through a tough comp...), and gross margin of ~15%. A 5% rev beat will likely carry a much better GM since the beat was a mix toward recurring rev. Even if incrementals are the same as consensus, GM was almost 400bps better and GP was 32% above on the leverage. Based on this and developments of the last 14 months, FY25 consensus is RIDICULOUS. Assumes growth decelerates a lot and that RPID ADDS LESS $ REVENUE THAN IT DID LAST YEAR. Lol. Gross margin of 14.5% is lower than the stale 4Q24 estimate This is all despite cost control and another ~$5M of rev coming in, inflecting consumables, higher system ASPs. Counter argument to using the 4Q jump-off is seasonality, which is only relevant for the equipment half. This is offset by a new product launched in 2H and the fact that equipment revenue is definitely still growing in 2025. Either way, if you annualize 4Q pull-through on validated systems, you get 2/3s of the growth from recurring rev, without even assuming pull through gets better, which happens naturally as the % of validated systems that are new declines each year (not to mention pricing). You can get to consensus revenue with the above recurring rev + flat system placements and an ASP (7%) lower than 4Q. If you model revenue like an adult, it's hard to get a number that isn't 10%+ above consensus unless you think they stop selling boxes. That + using the same incremental gross margin old consensus had bridges you to gross profit coming in >40% above in 2025. Maybe management sandbags a bit, but the gap is so wide, who cares? Most of the permutations one can make w/ the assumptions produce revenue estimates that are above by so much that management could guide 9% above, to accelerating growth vs consensus decelerating, and still have room for beats/raises. They are also in year 2 of a partnership w/ Samsung Biologics, and just signed a module w/ Lonza which would represent a TON of demand without a single other customer getting added for 5 years. I cannot understate how strong of a technology signal it is to be a micro cap w/ a cash crunch that still signs these two. I'm excited, but I'm not the only one. CEO, CFO, and 2 board members all bought in 2H last year, albeit at lower prices. You still have a couple hours to join me. Otherwise, feel free to come back and roast me if this blows up in my face. Have fun!